Problem
Alexa and Sirri, both age 48, are married filing jointly. They have the following items for 2022:
|
Salary
|
$210,000
|
|
Casualty loss on business property
|
15,000
|
|
Rental income received
|
20,000
|
|
Net capital loss from stock transactions
|
5,000
|
|
Alimony paid to Alexa's ex, agreement dated 6/30/18
|
12,000
|
|
Personal casualty losses (assume Federally declared disaster area)
|
27,000
|
|
Personal casualty gains
|
3,000
|
1) Compute Adjusted Gross Income (AGI). Label each item you list!
2) Compute their net deductible personal casualty loss, if any.